Plexus Holdings Plc
20 July 2026
This announcement contains inside information
20th July 2026
Plexus Holdings PLC
("Plexus" or the "Company")
Engineering Agreement with Cactus Wellhead LLC
Plexus Holdings PLC (AIM: POS), the AIM quoted wellhead services business, is pleased to announce that it has entered into an agreement with Cactus Wellhead LLC ("Cactus"), an international service company, to develop and qualify a range of wellhead products for offshore energy applications.
HIGHLIGHTS
· Two-year engineering programme to design and test new products for Cactus
· Initial commitment payment of £1m, secured by a debenture
· Additional revenue of up to approx. £1.5m over the course of the programme
· Work to commence immediately
Plexus' CEO Craig Hendrie said: "This work has been awarded to Plexus as a result of our reputation for technology excellence and successful product development and qualification testing over many decades.
"We are very excited and proud to be given the opportunity to take on this work, and I commend the team at Plexus for their dedication and professionalism, which has been instrumental in securing this opportunity.
"Using Plexus' existing engineering capability and testing infrastructure for an international company gives us the opportunity to continue to retain and build our capabilities in Aberdeen at a time when investment in the North Sea has been under pressure."
DETAILS
Under the terms of the agreement, Plexus will undertake engineering, analysis and testing services for Cactus, leveraging its core expertise in wellhead engineering and offshore energy applications.
The Company will receive an initial commitment payment of £1m and expects to generate additional revenue of approximately £1.5m over the duration of the programme, depending on the customer requirements. There is also potential for the scope of work to expand during the programme, which may result in additional revenue.
All work will be carried out at Plexus' operational facility in Aberdeen by its highly skilled and experienced engineers and technicians.
The initial £1m prepayment will be secured by a debenture over all Company assets, until the work under the contract has been discharged, which is expected to occur within the 2-year contract period.
ENDS
For further information please visit www.plexusplc.com or contact:
|
Plexus Holdings PLC Craig Hendrie, CEO Mike Park, CFO |
Tel: 01224 774222 |
|
Cavendish Capital Markets Limited Derrick Lee / Pearl Kellie |
Tel: 0131 220 6939 |
|
St Brides Partners Ltd Isabel de Salis / Ana Ribeiro |
plexus@stbridespartners.co.uk |
NOTES
Plexus Holdings plc (AIM: POS) is an IP-led company specialising in developing and providing wellhead systems and associated products and services for offshore operations.
Headquartered in Aberdeen, the Company focuses on providing wellheads for Jack-up rig operations such as exploration and appraisal drilling, Plug & Abandonment work and emerging markets for Carbon Capture & Storage, hydrogen production and storage and geothermal. Plexus has a collaboration agreement with another industry player to supply Exact adjustable wellhead systems for Jack-up applications and supports these operations with a range of proprietary equipment and tools, and project engineering services.
Plexus is known for its highly innovative POS-GRIP® wellhead technology and HG® metal-to-metal sealing systems, for which licences have been sold to other industry players. Plexus continues to develop products based on POS-GRIP technology for challenging surface production wellhead platforms, special projects and connector and subsea applications such as the Python® subsea wellhead system.
Plexus has always been at the forefront of innovation to reduce risk and improve performance in the energy industry, such as developing through-BOP wellhead systems which help to prevent blow-outs, and POS-GRIP "HG" Seals which are leak-free throughout field life and so reduce methane emissions and minimise maintenance costs. These innovations support the oil and gas industry's ESG and NetZero, and in recognition of this, Plexus was Awarded the London Stock Exchange's Green Economy Mark in 2021.
For more information visit: https://www.plexusplc.com/
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